Despite deregulation and privatization, governments in emerging economies continue to play important roles in private infrastructure projects, thereby exposing private investors to the risk of government reneging. The government's role as deal maker--and deal breaker--in infrastructure...

I study the multinationalization -- the decision to establish foreign direct investment (FDI) -- of developing country firms, in particular Latin American ones or "Multilatinas". Despite a long exporting tradition, many firms in Latin America have only recently become multinational enterprises...

Corruption has a negative impact on foreign direct investment (FDI). However, transition economies show high levels of corruption and also high levels of FDI. I argue that it is not the level but rather the type of corruption that affects FDI in transition economies. Pervasive corruption, or...

This paper studies the sequence of value-added activities in the multinationalization of firms from developing countries. Analysis of twenty Latin American multinational firms, or Multilatinas, reveals three alternative sequences: start multinationalizing with marketing subsidiaries in all...